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Nigerian billionaire Aliko Dangote’s oil refinery says its record share sale has drawn investors from more than 90 countries, including 51 of Africa’s 54 nations, with just over a week left before the offer closes.
Dangote Petroleum Refinery and Petrochemicals said in a statement on Sunday that subscriptions had come from retail investors, pension funds, institutional investors, asset managers and fintech platforms, ThisDay reported. The company said the offer was the largest ever launched on the Nigerian capital market on its opening day and passed the previous African record within its first 10 days.
The refinery has not published how much money it has raised or how many people have applied.
The offer closes on Oct. 27, and the company said it does not plan any further extension. It had originally been due to close on Oct. 13 before being pushed back two weeks to give investors in other African countries time to take part. The refinery also said investors may receive dividends linked to the U.S. dollar, subject to its dividend policy and regulatory approval.
The company is selling 4.1 billion shares at ₦525 each to raise about ₦2.15 trillion ($1.6 billion), the largest initial public offering in Nigeria’s history. Its cross-border push has included arrangements with Botswana, Egypt, Ethiopia and Kenya, and in Botswana it has lined up a $500 million share sale.
A source close to management told ThisDay the sale was “far more than a capital-raising exercise.”
Investor interest has been helped by the refinery’s latest results. It reported revenue of $22.5 billion for the nine months to Sept. 30, up 144% from a year earlier, and a net profit of $4.7 billion, compared with a loss of $117.2 million in the same period of 2025. It also moved from net debt of $1.73 billion a year ago to net cash of $651 million.
Renaissance Capital Africa raised its valuation of the refinery to ₦700.41 a share last week, about 33% above the offer price, citing stronger refining margins. At that price, Dangote’s stake would be worth about $55 billion.
Dangote has also promised to put small savers first. Applicants seeking ₦50,000 or less of stock will be given priority in the allotment, he said this month. Dangote, Africa’s richest person, controls the refinery in Lekki, Lagos, the continent’s largest.
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